Thu, Feb 22, 2024 2:55 PM
Growth prospects brighten, but fear of rise in inflation returns
A Flip by Riya Sharma
Cisco Systems Inc., the biggest maker of computer networking equipment, delivered better-than-expected quarterly results and an upbeat outlook for the current period, but a conservative annual forecast brought a muted reaction from investors. Sales will be $55.3 billion to $56.3 billion in fiscal 2025, which runs through July, Cisco said in a statement Wednesday.
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Stock and commodity exchanges have approved the Burman family's acquisition of Religare Broking, a subsidiary of Religare Enterprises, despite reluctance from REL's management. The Burman family, already the largest shareholder, plans to take over REL through an open offer, which has received approvals from the competition regulator and insurance watchdog.
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India's key stock indices plunged about 1.3% each on Wednesday to their lowest in almost five months as unabated selling by foreign funds amid concerns over slackening corporate earnings growth soured sentiment further. Uncertainty over US President-elect Donald Trump's economic policies is also keeping investors on the edge. The Sensex and Nifty have dropped 10% from peaks on September 27.
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